Tag: DevelopmentEconomics

Islam and the Economic Challenge  

In his exhaustive deconstruction of capitalism, Chapra exposes what he terms the limits of capitalism and the logical flaws inherent in its foundational architecture. He explores the historical genesis of the market system, tracing its roots back to the Enlightenment worldview, which systematically unseated Christian scholastic moral constraints in favour of secularism, utilitarianism, and social Darwinism. The reason behind capitalism’s failure to actualize the socially-desired goals is the conflict between the goals of society and the worldview and strategy of capitalism. The goals were humanitarian, based on a moral foundation; the worldview and the strategy were social Darwinist.

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Remembering Dr. Umer Chapra

Dr. Umer Chapra was born on February 1, 1933, in Bombay, British India. Chapra’s family moved to Karachi following the 1947 partition. Despite early financial hardships after his father passed away when Chapra was only six, his mother prioritized his education. This investment paved the way for an extraordinary academic trajectory. He attended the University of Karachi, topping his class to earn a Bachelor of Commerce (B. Com) in 1954, followed by a Master of Commerce (M. Com) in 1956. In 1950, out of 25,000 students who sat for the high school leaving examinations in Karachi, Chapra topped the list, earning the prestigious Model Student title.

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